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Plans to Boost Basra Crude Exports

Iraq plans to boost crude oil exports from its southern region to 3.47 million barrels per day in June, potentially beating a record volume set in November, a preliminary loading program showed. June's exports will rebound from May, the lowest monthly allocated volume this year and the jump in supply may put spot differentials for Basra crude in Asia under pressure, Trade Arabia reported. The grades have been selling at premiums of more than $1 a barrel to their official selling prices in Asia for most of this year, supported by robust demand from Asia and the United States. June's increase will come mainly from Basra Heavy, at 900,000 bpd, up from 645,000 bpd planned for May. Basra Light exports in June are expected to stand at 2.57 million bpd, edging up from 2.44 million the previous month. The second-largest OPEC producer exported a record 3.37 million bpd of Basra crude in November.